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Volkswagen, BMW and Daimler Diesel Software Updates to Cost At Least $593 Million

The costs of paying car owners incentives for trading in their older diesel cars for new models will far exceed 500 million euros for the three carmakers

Reuters

Updated:August 4, 2017, 9:17 AM IST
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Volkswagen, BMW and Daimler Diesel Software Updates to Cost At Least $593 Million
Matthias Wissmann, president of the German Automobile Industry Association (VdA), Harald Krueger, CEO of German car maker BMW, Dieter Zetsche, CEO of German car maker Daimler AG and Matthias Mueller, CEO of German car maker Volkswagen meet with German federal ministers to discuss the future of diesel vehicles, after a nearly two-year saga of scandal spread from Volkswagen to others in the sector in Berlin, Germany. (Image: Reuters)
Volkswagen, Daimler and BMW are facing costs of at least 500 million euros ($593 million) to update the engine software of diesel cars in Germany to curb emissions, the VDA auto industry lobby said. In addition, the costs of paying car owners incentives for trading in their older diesel cars for new models will far exceed 500 million euros for the three carmakers, VDA President Matthias Wissmann said on Wednesday at a news conference.

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